How an Arctic blast in Texas is fast becoming a global oil market crisis

What began as a power issue for a handful of US states is rippling into a shock for the world’s oil market.
 

More than 4 million barrels a day of output -- almost 40 per cent of the nation’s crude production -- is now offline, according to traders and executives. One of the world’s biggest oil refining centers has seen output drastically cut back. The waterways that help US oil flow to the rest of the world have been disrupted for much of the week.
 

“The market is underestimating the amount of oil production lost in Texas due to the